Hansen Technologies Limited (HSN) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. My name is David Trude, and as Chairman, I welcome you to the 23rd Annual General Meeting of Hansen Technologies Limited. This is our third year, our AGM is being held virtually, and we are pleased to have everyone participating online to our virtual meeting platform provided by our share register, Link Market Services Limited. If we experience any technical issues today, a short recess or an adjournment may be required, depending on the number of shareholders being affected, if this occurs, I shall advise you accordingly. Voting on resolutions is open and will remain so until 5 minutes after the end of the meeting. If anyone has questions throughout my or our CEO's presentation, please submit them, and we will answer them at the end of AGM. Now for the formalities of the meeting. The Notice of Meeting has been duly given, and the meeting has been properly convened. We will turn to resolutions later in the meeting. Please note that only shareholders, proxy holders or shareholder company representatives may vote. I note that there is a quorum present, and I declare the meeting open. I would like to introduce you to my colleagues at this AGM: Andrew Hansen, who is beside me, our Managing Director and CEO. Other Nonexecutive Directors: Bruce Adams, Deputy Chairman; David Osborne; David Howell; Don Rankin; and a special introduction to Lisa Pendlebury, who was appointed by the Board effective 1st of March 2022. I'd also like to introduce our Company Secretary, Julia Chand, who is sitting with us here; as well as representatives of our auditors, RSM Australia Partners, who are also on the call. Today's meeting will comprise 3 components. I will begin with some high-level commentary on Hansen's 2022 performance. Our CEO, Andrew Hansen, will then go into greater detail of the year's highlights and the company outlook. Once we have completed the presentations, we will move on to consider the formal business set out in the Notice of Meeting. Voting on the resolutions will be conducted by way of poll. Shareholders attending the meeting online will be able to cast their vote using the electronic voting card received when online registration is validated. As previously advised, voting on resolutions is open and will remain so until 5 minutes after the end of the meeting. Please refer to the virtual meeting online portal guide or use the help line specified. Shareholders participating online through the virtual meeting website who wish to ask a question, please click on Ask Question button. Type your question and click Submit. Shareholders participating via the phone line, if you wish to ask a question, please press star 1 on your keypad. I encourage stakeholders or shareholders who have questions to submit their questions via the online platform now or as soon as possible. Questions by the phone will be dealt with once questions are welcomed on any items of business. Shareholders' questions that are specific to a resolution will be responded to as the applicable resolution is introduced. General business questions received either prior to the meeting or during the meeting will be responded to at the end of the meeting. Let us begin -- let me provide you with a high-level overview of the financial year '22 as this has positioned us for this current year and beyond. I would like to walk you through some of our highlights in the past year after the record-breaking financial year '21. We have seen continued growth in financial year '22. Andrew will talk to our positive outlook for the year ahead. Given the global challenges that have been facing in the last few years, these results are particularly pleasing and reinforce the stable and cash-generative nature of the Hansen business. Please note the numbers in the next slide exclude the one-off Telefonica license fee recognized in financial year '21. On a reported basis and covering each element of this slide, let's begin with revenue. After adjusting for the '21 one-off Telefonica revenue growth of 3.4% was delivered for financial year '22. This was driven by a combination of customer upgrades and new business wins. The new deal momentum is expected to deliver positive revenue uplift into financial year '23 with growth continuing across multiple regions. The underlying EBITDA at 34% for the full year is well above historical averages for Hansen as we continue our focus on growing our top line profitability. Net profit after tax was up 6.2% from margin improvement and net and tax savings from higher levels of profit in tax jurisdictions allowing accelerated use of tax losses. Earnings per share increased 5.4% as we continue to leverage our balance sheet to provide significant EPS growth without diluting our shareholder base. We are continuing to return cash to investors at our record full year dividend of $0.12. Our strong and sustainable cash flows have enabled a significant reduction in net debt. Our capital structure and liquidity position supports our current dividend strategy, and we are well positioned and well-funded to acquire future strategic targets. The Board's confidence in Hansen to consistently generate cash was the key reason to pay dividend in financial year '22 that was 20% higher than the prior year. We are particularly proud of our ability to continue to raise value for our shareholders while offering increasingly agile products and services to our customers. As Andrew will talk later, Hansen continues to focus on profitability and operational leverage. Hansen continues to seek M&A opportunities to meet the company's key selection criteria. In addition to the dividend -- record dividend return to our loyal shareholders, the Hansen share price performance outperformed the broader index we are measured against. It's great to demonstrate the value we are delivering to our shareholders via share price appreciation. The team has worked to deliver growth and consistency to shareholders. Consistent free cash flow has delivered an improved return to shareholders. The team has delivered EPS growth of over 70% since 2019. The strong balance sheet places the business in a great position to responsibly leverage the business to take advantage of growth opportunities. We have significantly reduced borrowings, and our current leverage rate is low at 0.3x. During the year, we continued to build up our cash reserves by [ $7.3 million to $59.6 million ]. 57% of net profit after tax has been returned to shareholders in the form of dividends this year. This is an outstanding achievement, and I'm immensely proud of our global Hansen team. Aside from the sustained strong financial performance this year, the executive team has remained invested and focused on delivering long-term strategy that is a proven formula for success, treating shareholders' funds like their own. On behalf of the Board, I would sincerely thank not just our executive team but extend thanks to all our people around the world for their commitment, adaptability and determination to bring projects in on time and on budget and in achieving excellent results for 2022. Before I conclude my address and hand over the presentation to our CEO, Andrew Hansen, I would like to thank each of our shareholders for their continued loyalty and support. There is much to look forward to in Hansen, and we continue to grow the company in the years ahead. I would also like to thank my fellow directors and the entire Hansen team for their continued passion and commitment to building a strong and sustainable business that delivers long-term value to our shareholders. I will now hand over to our CEO, Andrew Hansen, who will share more detail about this past year and provide a few more details on the positive outlook for the future of Hansen. Andrew?

David, thank you. And nice to be here face-to-face in the same room over the last couple of years. I suppose going forward, David, it will be probably whether we maintain this form or whether we actually open up AGMs to people. I think pandemic-wise, it's to be say the Board will probably take on Board going forward. But I think we do miss the opportunity of talking to people face-to-face and talk to them. Thank you, everyone for joining the call today. It's certainly, just to kick off on my first slide, the key initiatives in progress. Look, guys, I think, in the backdrop of the last couple of years with the pandemic, et cetera, I think we're very, very proud of the way the company has actually achieved. Specifically, one of their largest logos ever been signed up, David, in Exelon, which took place. Winning business from Tier 1 competitors extended our global footprint and our workforce, which I'll touch on a little bit soon. Rapidly paid down debt. I think it's one of the mainstays of Hansen and being a public company, but in fact the whole history of Hansen. This has been a company for over 50 years of sustainable growth and profitability is an amazing story. We just haven't made money for 1 year. And to that point, this year alone, this current year, we've paid down another $19 million of debt which has us sitting somewhere around our net debt position of $28 million. And when you think on top of that, that we've been able to provide for our working capital. We paid dividends. We paid tax and to be able to pay down the debt, I think it's an outstanding of the business and certainly in times like this. Certainly strengthened our executive leadership team that I'll touch a little bit later on, David. I think in the areas where resource constraints have been the most, I've a lot of conversations which we've actually had, but we find that's actually freeing up a little bit now. Record dividend to shareholders, you've already touched on. Once again, it's our shareholders' name. David, I think we're very happy to provide that back. Certainly, we formalized, I think, the flexible working arrangements. I think we've all seen a change from we were a company, where a vast majority of our staff were working in an office. And our flexible working arrangement now where people are working from home or other locations where it's the way, and we're getting to hire the best people wherever they are. But also like in our office today, it's great to see the office [indiscernible] relatively full today is great to see. And also importantly to a lot of our staff, our inaugural ESG report. I think the climate, the way there's now, diversity, et cetera, is key to a lot of our employees. And I know that when we announced internally that what we were doing, it was very well received in what we're doing. Just on to the strong performance, I'd like to go much over these points. But just the revenue and the CAGR, 12% over the period of time. That's adjusting for Telefonica, and we've probably spoken tonight about the Telefonica that one-off, et cetera, but as much as we're very happy to get the money which has been put along the way. So there's a lot of that combination of customer upgrades, which we get, and also new business going forward. Our technology is modern, it's fresh and to see our customers finding the reasons why they wish to upgrade in these times is fantastic. It's also across multiple regions. So as far as [indiscernible] one, it has been as we -- most of our shareholders would appreciate with software in over 80 countries around the world with 600 customers. Maintaining our software to its currency, et cetera, is important, and we're receiving that just through upgrades and the renewals from our customers. Think of the profitability. I think Hansen just with the profitability of this company year on year out, we certainly did have a period during COVID, where we weren't traveling. We didn't have people in offices, et cetera. We also received the benefit like most employers around the world, which is productivity gains because people were wouldn't go out, et cetera. But it's all balancing itself out at the moment now and towards the end of this. I'll give the opportunity to talk about where we had moved into the future. Underlying net profit after tax, certainly is better than we expected. That's taking advantage rapidly depleting tax losses, which we don't have as many more, but also tax efficiencies of where we own the software and how we deal with intercompany charging, et cetera, as we go forward. Next slide on the continued positive cash generation. I think 57% of net profit to return to shareholding in the form of dividends, and you look at the debt being paid down. I'm not sure what company would come close to being measured against Hansen's performance. We certainly were performing very well against the S&P Small index. And I think the other thing, which -- the comment which we've made in there about making a call on capital, this company, its ability to grow the way it has and being able to feed itself and support itself has been quite amazing over the journey. Net debt, I've touched on net debt, and I thought it was important to let everyone know just how well the cash sits for Hansen and paying down net debt. And I think everyone want to understand the fundamentals why paying net debt is so important to Hansen that we're resetting our balance sheet for opportunities as we see it coming forward. And the dividends and also, once again, I think the call the Board made to increase the dividend out to having $0.10 with $0.02 as returning cash to investors. This is probably a very strong indication of the way the company actually thinks of running its business. Next slide, we feel ourselves as a very resilient company. Clearly, there is headwinds at the moment. We're sitting here post-COVID. We're seeing interest rates going up at the moment now. Our cost of capital is going up. We've got wars. We have talks of recession. These are probably frightening to a lot of businesses, and it just goes to show the nature of our business. We deal very much in an industry where it's almost an essential getting -- selling electricity or gas, water or telecommunications does not overly affect people, and it's a main stay of people's businesses as they go forward. We're up to 1,600 staff now. So we've broken the back of really getting those staff on board, 600 customers maybe and a beautiful mixture in our business, the way we see it, which is really half between the energy and utilities and communications. So we really quite like that blend in our business. So we've got this right diversity of product, industries, countries and currencies. And to us, it's like not ever really trying to have 1 country, 1 product, 1 industry, 1 currency, which could actually bring the company down. And it goes to -- when I came to this company 33 years ago, really having 90% of our business in 1 customer and we've worked very hard to diversify the business. Significant progress. Next slide over there. We've talked about Exelon, the largest utility player in North America. We're very, very proud to get in there and get one of our products into there. No doubt, we'll continue to work very, very hard, and we would like to think further opportunities would come to expand further into that customer base. Local customers, just a journey with someone who may have been with us for 15 to 20 years then signs of $45 million upgrade. That just goes and shows the currency of our product and the investment we're actually been making in our products so that they are real, they are using all the latest technologies as we go forward. We see customers expand. I've touched on Fortum a bit last year. It was great to see Fortum, which is a customer of ours, the largest energy player in Europe having some -- doing some work for us in Finland. They're going to Norway. They're going to Sweden. And beyond that, they're taking additional products of us, and that's part of that expanding the customer base we do. I think we do invest in our products. We're investing more and more. It is important that cloud, cloud native technologies are there. The fundamental of the company has always been not really giving any of our customers a reason to want to leave Hansen. And that means that it's -- the software not only works, it's very, very stable; but we provide updates to them, which are taking -- or dealing with latest changes in their business. And to have the average customer tenure of 10 years plus with less than 2% churn is just fantastic. So I think we've got a really good balance in our business. And that 5% of our revenues goes into R&D now and some significant investment around 5G, David, and also with smart metering, et cetera, and cloud initiatives. Very, very robust way. There was actually a meeting in here in [indiscernible] last week, which actually goes for all of our products, listening to what our customers and what our prospects and our suspects are actually asking of us and to making sure that the software developing is what people are wanting to buy from us and to stay with us. Along that progress, which is the significant progress in the year, expanding our footprint. Look, we're a very stable business. And one of the benefits of being a stable in business, we're all reading in the press at the moment now about companies which are laying people off, which are going through a bit of uncertainty in their own business. One of the most reassuring things more recently have been what we would say is regrettable losses during COVID, who left us for one reason another, which weren't upset about are now coming back to us. And being a destination, and we need to play on that because coming to a company which makes profits, has a solid track record, et cetera, and people wanted to come back is great. And that stability is coming much more and this is how our churn rates are going back to the historical levels rather than what was everyone was going through. And also when people are reading about companies which are laying people like as matter of Twitter or Facebook or anyone else like that, the fact we're still hiring is important to us. So a significant number of new internal people should be coming on Board. To that point, we've expanded our operations in Vietnam and in India by another 20%, and actually -- now actually building out Argentina. So as we know, we have a small team in China. India and Vietnam has been going very, very well. But for time zone, everyone, David, to go into Argentina, just helps with time zone in our North America business, which suits that. And we'd be thinking in the next 12 months, we may be looking at something in Europe. So we're trying to match some of those great recess -- research as we do in each marketplace to assess the availability of staff. We found that in India, the number of graduates which are coming through. We found in Vietnam, we found in Argentina. So as a company going forward, it's that pool of very talented people, which we're getting access to and the opportunity of having some case a lower cost. We will always maintain our presence in the locations where our customers are. We understand the cultural, we understand the language in the areas which we must be the forefront. But we also give opportunities for these staff in these developing nations to form part of a Tier 1 company, first world. So people in Vietnam formed part of the team looking at Europe, Australia and get involved in scrum teams, et cetera. So it makes them feel that their own skills developing. The hybrid way of going forward. We've been based globally. So it's just not here in Australia, it's around the world. We're very proud. Also this year we've already started 60 graduates, which is another one. We have [indiscernible] straight out of university. We have developed a very, very strong methodology around getting people up to speed and the speed to competency, and these new people coming on Board. Also, we take them on a journey, so they learn from Hansen from day 1 and are some of their best days in the organization. So it was right post-COVID now to as the universities are now churning out, probably get 60 new graduates coming with us. We will continue to invest very much in this diverse and inclusive culture of our business. It's the new way things are going forward and also continue to invest in really learning and development of our team. And we have a learning platform, everyone, which staff can go into. And I think this year, we've been at 6,500 courses are being taking place. So people go in to refine their skills. Well, the skills could be recommended by our manager were areas could be management training, could be scrum train -- technology. So it's a bit like our thoughts are with our own staff and our own team members. I'm not really giving them a reason why they would want to leave Hansen. So it works pretty much the same way with our customers. Continue on significant progress. 50 years is an amazing time frame for any business to stay in business this longer certainly in the IT area. One of the initiatives which we rolled out and we have been speaking to is about 50 years of business, and we're doing 50 Acts of Impact. So what this was, was asking our staff. We're involved in local community efforts where we've been raising money or food for charities or clothing, et cetera. All of our staff from around the world have been involved in coming up in one of these Acts of Impact. I think it's a great thing, and we share that inside the company through our [ YANA ] program, understanding from planting trees, et cetera. It's some of the things which we do. I think that overall diversity of where people are investing their time is very strong for the culture of our business. I think further on that is we survey our staff. We put some stats down there about the positive engagement 70%, inclusive sentiment, positive sentiment. They are all things we survey all of our staff with some anonymity so that people say where we're coming from it, and that gives us some hints to what we're doing as an organization going forward. I think the formalization of our corporate sustainability efforts has been important to us. And we've taken our time because we're not a massive organization, but the investment which we've done and undertaken the audit of our own warehouse gas emissions, et cetera, were important to us. And we looked upon that also with our customers and our partners and our own environment, et cetera, to come up with it. And so we bet that's in the annual report now, but that's an area where we've got fantastic staff engagement on that, and we just thought it was the right thing to do. And some of the investments which -- where we dedicated some of our carbon offsetting, too, were things which mean to people in overseas things. So we purchased those off with a view of being carbon neutral. And some of our decisions now, which we're looking at is just our office and office lighting, [ wastewater ] and waste bins, and we're just changing some of the ways our company operates now going forward. So I think that's part of that 50x, but it actually blends into as an organization what we were doing back into the community. Importantly, which I think people would dial in is always the financial year '23 and beyond. It would be remiss of me not to say these are not challenging times. It is -- we're all sitting there and reading the news. We're hearing what's taking place in the marketplaces at the moment now. We know that our staff shortages there are abating at the moment now. We -- clearly, on the M&A side, Hansen has an incredible track record of successful M&A and probably unrivaled anywhere around the world of what we've owned and have the absolute success in doing it. We've always been undertaking our time. When the things were getting expensive was not a time to buy. We do spend the money like it's our own money. And largely, it is our own money as well. Most of the Hansen employees are shareholders. I'm a shareholder. The directors are shareholders. So we're taking our time. But we do think that resetting our balance sheet, we think the cost of capital out there, David, has really led to what we are seeing more opportunities coming to us. And it's about we're not missing out on deals when it comes down here at the point of pricing. We have no interest in overpaying for these assets. And you could understand we want to buy things which are earnings accretive to the business, then the Hansenisation and bringing those increases of margins should be always the benefits of the purchase, which is the Hansen shareholders rather than putting that into the hand. So we will continue to take our time, and we'll be extremely disciplined to that point. Part of our plan will be -- we've made a note here that Graeme, who's very involved in that strategic side of Hansen. Graeme in January is going to be going over a period of time into Europe, what's 55% of our business over there. But you can read into that one, where we see the confidence of leading a team of people, which not only Graeme's ability to do some financial analysis for this, but some of our other operational team members, which have now got this core team when we are ready to finally reach some agreement on price. So to close on that, we are a found-led business. I'm not a career CA guys. I'm not here for a period of time to earn my short term incentive or long-term incentive. The Hansen planning has always been having a long vision out to the future. No, we're not some double-digit company, but we're a very strong company, which has reasonable growth, makes a lot of money. And profitability and cash generation is very key to us. It's an absolute focus of our business because we do spend money like it's our own money. We will continue to invest very heavily in our products, where we know that we're going to get upgrades, we're going to make sales in those things there. We think the outlook is robust for us to the point we don't always like doing this, but we're seeing our growth for the year to be at 3% to 5% we were seeing. They're only 4 months into it, David, but that's where we're seeing things at the moment now. And still attaining, we've been speaking this for a while, of maintaining an EBITDA margin of 30% plus going forward as some of the traditional costs have been coming back into the business. So David, I'll hand back over to you, but if I could just certainly pass on my appreciation to all the Hansen team and the hard work and dedication to this journey you're on, we appreciate everyone's time, and I thank you. And also to our shareholders, which have also come on the journey with us as well. Thank you very much for your interest, your commitment and your investment in the business. So thank you very much. And David, over to you. Thank you.

Thank you, Andrew. Ladies and gentlemen, we now come to the formal part of the business. Matters of prime resolution, which are outlined in the notice of meeting. The resolutions for consideration today may only be voted on by shareholders, proxy holders and shareholder company representatives. Shareholders online through the virtual meeting website. You can ask questions via text on each matter being put to shareholders. Those joining on the phone are also able to ask questions verbally. I wish to start by tabling the 2022 annual report containing the Directors' Report, Financial Statements, Directors' Declaration and Independent Auditor's Report. Copies of the 2022 annual report were either distributed by post or made available online to shareholders. So for the purposes of today's meeting, I intend to assume that shareholders have had sufficient opportunity to review and consider the contents of the annual report. As previously commented, representatives of our company auditors, RSM Australia Partners, are present and available to answer questions. Are there are any comments or questions regard the various reports and financial statements contained in the 2022 annual report?

None at this stage of the meeting.

Are there any questions online?

Chairman, no questions from the phones.

Thank you. Now moving to the resolutions. Votes can be submitted through the meeting or for 5 minutes after the close of the meeting, and I intend to vote the open votes given to me as Chairman of the meeting in favor of all resolutions. The results will be announced to the ASX after the conclusion of the meeting. I would now like to deal with the formal resolutions contained in the Notice of Meeting. Now moving to the resolutions. Votes can be submitted throughout the meeting and for 5 minutes after the close of the meeting. The results will be announced to the ASX after conclusion of the meeting. I would now like to deal with formal resolutions contained in the Notice of Meeting. The first resolution relates to the adoption of the remuneration report. At this time, I wish to advise that all directors and executives named in the remuneration report as well as any persons or party associated with any of them are excluded from voting on this resolution in respect of any shares they own or control. The resolution for consideration is a nonbinding resolution is as follows. In accordance with the requirements of the Corporations Act to adopt the Remuneration Report for the year ended 30th of June 2022 as it appears in the Directors' Report within the annual report 2022. Are there any questions regarding the remuneration report via the online platform?

Chairman, I have a few questions from shareholder, [ Anthony Gross ]. So the first question is, will Hansen ever go back to in-person AGM or earnings calls Q&A?

I think Andrew has sort of answered that, and that's something we will take under consideration. And we'd certainly, I think, be happy to come back in front of shareholders. We like that opportunity as much as shareholders would.

The second question from Mr. Gross is on page 15 of the annual report, he has asked what the carbon asset predictions are?

Okay. Right. So that's -- so this is in relation to the calculation. So this is independently done. So you'd understand the stakeholders in our business, including our customers, we are asked to also outline what our credentials are in this area. So we use an independent audited company, which has a calculation of our greenhouse gas emissions, which deals with flights, lights, electricity, third parties, et cetera, which go through. So that's where the 5,000 tonnes of carbon greenhouse emissions are calculated. On that part, then you can provide funds to offset that, and so we did 2 of those. One was a wind and hydroelectronics so in India keeping a large base of staff in India. David, we chose to invest in there. Now we report that back only to our shareholders, but to our staff, but intenders and uprise of customers, it's actually more and more asking us what we're actually doing. So it will be an ongoing investment. What we're trying to do is offset that by not traveling more or having more lights on, et cetera, so we can kind of reduce this down. I mean we continue to be independently audited. I hope that answers the question.

No further questions.

No further questions. Thank you. There's no questions. I'd ask the moderator if there any questions via the phone.

Chairman, we currently have no questions via the phone.

Thank you. You can see on the screen the proxy position for the resolutions prior to today's meeting. Thank you. I will now move to the remaining resolutions, each of which is an ordinary resolution requiring 50% both in favor to be successful. We shall now consider Resolution 2, that Mr. Bruce Adams, a Director retiring by rotation in accordance with the company's constitution and being eligible and having signified his candidature for office, be and hereby reelected a Director of the company. Are there any questions regarding this Resolution 2 via the online platform.

Thank you, Mr. Chairman. Yes, we have a question from [ Stephen Mayne ]. Do any of the 5 main proxy advisers recommend to vote against any of today's resolutions?

Can I answer that to the extent that I have copies of 2 of those and they did not recommend votes against Mr. Bruce Adams for reelection. I don't have the other 3.

I don't think we normally -- I think we ask they give a copy. So that they only share their results with us. It's normally the people who plan subscribe as stated.

Next, Julia?

No further questions on this resolution, Chairman.

All right. Is there any questions via the online platform?

Chairman, no questions via the phone until this time.

Thank you. You can see on the screen the proxy position of the resolution prior to today's meeting. Thank you. We now consider Resolution 3 that Ms. Lisa Pendlebury, a Director appointed by the Board effective from the 1st of March 22 until this annual general meeting of the company in accordance with the company's constitution and being eligible and having signified her candidature for office, be and hereby elected a Director of the company. Are there any questions regarding this Resolution 3, Julia?

No questions regarding Resolution 3.

Thank you. And I'll ask the moderator if there are any questions via the phone.

Chairman, no questions via the phone.

Thank you. You can see on the screen the proxy position for the resolution prior to today's meeting. We can move to Resolution 4, that for the purposes of Listing Rule 10.14 and all other purposes, shareholders approve the grant of 141,714 Performance Rights to Mr. Andrew Hansen under the Hansen Technologies Employee Performance Rights Plan on the terms and conditions set out in the Explanatory Notes. I will move the resolution to approve the grant of Performance Rights to Mr. Hansen. Julia, any questions?

Yes, we have a question from shareholder [ Stephen Mayne ]. Could the CEO summarize in the past LTI grants as to whether they have vested all that? Also has he ever sold any ordinary shares in the company or bought any of that without [indiscernible] built up his equity position in the company?

Stephen, in an answer to that question, I will try to read it again. Probably the answer to that's in the annual report. But to summarize, I don't know off hand the number of LTIs, but I have certainly had LTIs, which have lapsed, which I didn't do and they were canceled by the company. As far as buying and selling shares to the best of my knowledge the company, which I'm actually Director all had sold some shares now a number of years ago, and I've not be buying on market or selling on market in the last -- past number of years. I hope that answers that question for you. But as said, it's actually -- it's all documented.

It should be in the annual report, Stephen actually.

I think, [ Stephen ] we don't say can you answer in 30 seconds rather than reading the annual report.

No further questions, Chair.

Okay. Can I ask the moderator, any questions via the phone?

Chairman, no questions via the phones.

You can see on the screen the proxy position of the resolution prior to today's meeting. Thank you. Moving to resolution 5, that for the purposes of Listing Rule 10.17, the maximum aggregate amount of remuneration to be paid to all Nonexecutive Directors in any financial year be increased from $750,000 to $780,000 per annum. I move to pass this resolution to approve the increased aggregate amount of remuneration to be paid to all Nonexecutive Directors. Are there any questions, Julia?

Yes, we have a question from shareholder, [ Stephen Mayne ]. When disclosing the outcome of voting on all resolutions today, including the [indiscernible] pay items. Could we please advise the ASX how many shareholders voting for and against each item [indiscernible] from the theme of arrangement.

I think it's published this post the meeting. I think the votes are published in the AGM. Yes, I think that will be done.

Thank you. Any others, Julia?

No further questions, Chairman.

And I'll ask the moderator, any questions via the phone?

Chairman, no questions via the phones.

You can see on the screen the proxy position for the resolution prior to today's meeting. Thank you. We'll move on to the last resolution, Resolution 6, that for the purposes of Listing rule 7.2, Exception 13(b) and for all other purposes, shareholders approve the readoption of the company's incentive scheme entitled Hansen Technologies Limited Incentive Performance Rights Plan on the terms and conditions set out in the explanatory notes. Are there any questions regarding this Resolution 6 via the online platform, Julia?

Yes. We have a question from shareholder, [ Stephen Mayne ]. Given the interesting discussions across the range on topics today, including this Performance Rights plan, could the Chair undertake to make an archived copy of the webcast, plus a [indiscernible] transfer of the proceedings available on the company's website.

I think we are doing that. Graeme, is that correct?

Yes, that will be done.

That's all, Julia? The moderator, there are any questions via the phone?

Chairman, no questions via the phones.

You can see on the screen the proxy position for the resolution prior to today's meeting. Thank you. Ladies and gentlemen, that concludes the formal business of the meeting. Turning to questions proposed during the meeting. We've answered those that relate to the resolutions themselves. Are there any other questions there, Julia?

No other questions?

Can I ask the moderator whether there's any other being put forward?

Chairman, no other questions via the phones.

Well, if there are no more questions, we will turn to closing the meeting. And as just said, this will be -- a copy of this will be put on the ASX website once it's over. Thank you very much for your support, and I now declare the meeting closed.